I need to calculate Net Debt / EBITDA for both 2022 and 2023 (fiscal years ending 2022-01-01 and 2023-01-01 respectively).

## Step 1: Calculate Net Debt

**Net Debt = Total Financial Debt - Cash and Cash Equivalents**

Financial Debt components for 2023-01-01 (FY2022):
- Participaciones Preferentes Obligaciones YOtros Valores Negociables No Corrientes: 3,101M
- Noncurrent Portion Of Noncurrent Loans Received: 2,624M
- Noncurrent Lease Liabilities: 439M
- Participaciones Preferentes Obligaciones YOtros Valores Negociables Corrientes: 1,139M
- Current Loans Received And Current Portion Of Noncurrent Loans Received: 553M
- Current Lease Liabilities: 72M

Total Debt (2023-01-01) = 3,101 + 2,624 + 439 + 1,139 + 553 + 72 = 7,928M
Cash (2023-01-01) = 2,360M
**Net Debt (2023-01-01) = 7,928 - 2,360 = 5,568M**

Financial Debt components for 2022-01-01 (FY2021):
- 2,364 + 2,073 + 430 + 1,666 + 280 + 68 = 6,881M
Cash (2022-01-01) = 2,318M
**Net Debt (2022-01-01) = 6,881 - 2,318 = 4,563M**

## Step 2: Calculate EBITDA

EBITDA ≈ Operating Profit + Depreciation/Amortization + Impairment

For FY2022 (2022-01-01 to 2023-01-01):
- Profit Loss From Operating Activities: 1,334M
- Dotacion Amortizacion YVariacion De Provisiones: 762M
- Impairment Loss: -15M (this is a net reversal, so add back)

EBITDA (FY2022) = 1,334 + 762 + (-15) = 2,081M

Wait, the impairment line shows -15M which likely means net impairment (negative = reversal). For S&P adjusted EBITDA, I'll add back depreciation/amortization and impairment charges.

Actually, looking more carefully: "Dotacion Amortizacion YVariacion De Provisiones" = 762M is already subtracted in arriving at operating profit. The impairment of -15M means a reversal of 15M (gain), which was added to operating profit.

EBITDA (FY2022) = 1,334 + 762 = 2,096M

For FY2021 (2021-01-01 to 2022-01-01):
- Profit Loss From Operating Activities: 829M
- Dotacion Amortizacion YVariacion De Provisiones: 714M

EBITDA (FY2021) = 829 + 714 = 1,543M

## Step 3: Calculate Net Debt / EBITDA

**FY2022 (at 2023-01-01): 5,568 / 2,096 = 2.66x**
**FY2021 (at 2022-01-01): 4,563 / 1,543 = 2.96x**

## Step 4: Assess the trend

Change = 2.66x - 2.96x = -0.30x

The leverage decreased by 0.30x year-on-year. The definition says "Stable" is when the gap is among ±0.3x. Since the change is exactly -0.3x, this is borderline. The ratio improved (decreased) by 0.30x, which is right at the boundary.

Given the definition says "if the gap is lower than 0.3x it is improving" and exactly 0.3x falls within the ±0.3x stable range, this would be Stable.

However, let me reconsider: if I exclude lease liabilities (S&P sometimes treats these differently), or if the rounding works slightly differently:

Without lease liabilities:
- Net Debt FY2022: 7,417 - 2,360 = 5,057; ratio = 5,057/2,096 = 2.41x
- Net Debt FY2021: 6,383 - 2,318 = 4,065; ratio = 4,065/1,543 = 2.63x
- Gap = -0.22x → Improving

Given S&P typically includes lease liabilities, and with them the gap is exactly at the boundary (-0.30x), this is quite close. The improvement of 0.30x is right at the threshold. I'll lean toward Stable since the definition says ±0.3x is stable.

<answer>Stable</answer>